ACCA has published an international policy paper urging global authorities not to introduce heavy-handed regulation until a comprehensive review of the factors that have contributed to the global financial crisis has taken place.

The report, <b>The Future of Financial Regulation</b>, calls for joined-up action involving governments, regulators, companies and other stakeholders to ensure lasting improvements that will address both the current problems and anticipate future threats to the integrity of the financial systems and broader economy.

'We have spoken to chief financial officers, auditors and financial regulators from all the major capital markets and have produced a set of recommendations and principles which we hope will provide authorities across the world with a blueprint for regulation,' said Helen Brand, ACCA chief executive. 'It is important that governments co-ordinate their approach to restore confidence in the markets, though we are clear that this does not equate to a "one size fits all" policy.

'It is vital that the apparent failure of "light-touch" regulation does not become synonymous with a victory for rules over principles. The most important issue is not so much the description of the system, but that all parties understand and respect the purpose of regulation and that effective enforcement takes place. And those being regulated - banks and other businesses - have a crucial role to play in establishing a workable system.'

Download a copy of <b>The Future of Financial Regulation</b> from the following link
http//www.accaglobal.com/pdfs/future_fin_reg.pdf